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Friday, January 18, 2008

KNR Constructions IPO opens on Jan 24

KNR Constructions, an infrastructure project development company, is coming out with an initial public offer (IPO) of 78.74 lakh shares at a price band of Rs 170-180 per share. The company is planning to raise between Rs 134-142 crore.

The issue will open for subscription on January 24 and close on 29, 2008. Promoters’ holding would be 71.21% post issue.

Crisil has assigned the CRISIL IPO Grade 3/5 to this issue, which indicates average fundamentals.

KNR Constructions is an infrastructure project development company, provides engineering, procurement and construction services across sectors namely roads & highways, irrigation and urban water infrastructure management.

Most of the road projects under execution are with joint venture partner, Patel Engineering. Unexecuted order book position is of Rs 1734 crore as on November 30, 2007.

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